Coinbase continues push to compel SEC to act on crypto rulemaking petition

The SEC submitted a long-awaited status upgrade on Oct. 12, slightly stating that “commission staff provided a suggestion” to the SEC over Coinbases petition, however did not divulge any additional details. In an Oct. 13 X post, Coinbases Chief Legal Officer Paul Grewal slammed the SEC for dragging its heels, as he called for a mandamus to require the SEC into effectively detailing its intentions.Weve filed our action with the Third Circuit. After the SEC failed to react, Coinbase submitted a petition for mandamus nine months later, seeking the court to oblige the SEC to offer a “yes or no” response.

Coinbase has actually doubled down on its push for a court order compelling the U.S. Securities and Exchange Commission to act on the firms crypto rulemaking petition. Coinbase desires a mandamus issued within 30 days to compel the SEC to provide a main response on whether it will accept or reject the petition. The SEC submitted a long-awaited status upgrade on Oct. 12, slightly stating that “commission personnel offered a recommendation” to the SEC over Coinbases petition, but did not disclose any further information. In an Oct. 13 X post, Coinbases Chief Legal Officer Paul Grewal slammed the SEC for dragging its heels, as he called for a mandamus to force the SEC into properly detailing its intentions.Weve filed our reaction with the Third Circuit. Tl; dr: the SECs unilluminating “update” is mere governmental pantomime and verifies that nothing except mandamus will prompt the agency to take its commitments seriously. 1/3 https://t.co/DC1o8EflcH— paulgrewal.eth (@iampaulgrewal) October 14, 2023

Grewal also shared Coinbases response to the SEC update that it filed with the Court of Appeals for the Third Circuit. “The SECs unilluminating report is simple bureaucratic pantomime and validates that nothing except mandamus will prompt the agency to take its obligations seriously. It took more than a year and an order from this Court to generate even a staff-level suggestion,” the response checks out, including that: “The Commission has fixed not to carry out the rulemaking Coinbase asked for, and it will make use of every administrative artifice in its arsenal to prevent judicial review so long as the Court permits it.” Coinbases response to the SEC upgrade. Source: Paul Grewal on X. Coinbase initially submitted the rulemaking petition in July 2022, requesting the SEC to “propose and adopt guidelines” to govern the crypto market, consisting of potential rules to clearly detail which digital assets fall under the definition of securities. After the SEC stopped working to respond, Coinbase submitted a petition for mandamus 9 months later, seeking the court to compel the SEC to offer a “yes or no” answer. Related: Coinbase spot trading volume falls by 52% compared to 2022: ReportHowever, the SEC has actually fired back on numerous events, refuting the need to meet Coinbases requirements while likewise asking the court to reject Coinbases petition for mandamus. In mid June, the SEC then asked the court for an additional 120 days to react to the rulemaking petition. Such a timeline recommends that the company might have an answer by the end of October or early November. Publication: How to protect your crypto in a volatile market– Bitcoin OGs and professionals weigh in